Question

For $16 you can may play a game of chance: Draw a random number from 1...

For $16 you can may play a game of chance: Draw a random number from 1 to 6 from a hat. You square the number you roll and you win that much cash. What is the expected value of such a game (take into account the cost to play)?

0 0
Add a comment Improve this question Transcribed image text
Know the answer?
Add Answer to:
For $16 you can may play a game of chance: Draw a random number from 1...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Imagine a friend invites you to play a game of chance that costs $1 to play...

    Imagine a friend invites you to play a game of chance that costs $1 to play each time. You get to choose one card. You win if your card is the Ace of Spades. Otherwise, you lose. The amount of money you could win is $(40 + the day of your birth). For example, if you were born on July 4th, you could win $40 + $4 = $44 if you chose the Ace of Spades in your draw. What...

  • Suppose you make a dollar bet on a game in which there is a 1 in 5 chance to win

    Suppose you make a dollar bet on a game in which there is a 1 in 5 chance to win. If you win, you win two dollars. On average, you will lose playing this game and each play costs you _______ cents. If you play 200 times, you can expect to lose around _______  dollar .You play roulette betting one dollar on the number 5 each time. The bet pays 35 to 1. You have a 1 in 38 chance to...

  • You are on a TV show. You have been asked to either play a dice game...

    You are on a TV show. You have been asked to either play a dice game or accept a $50 bill. The dice game works like this: You roll four dice. For each dice; if you roll a 1, 2, or 3, you win $60. If you roll a 4 or 5, you lose $30. If you roll a 6, you lose $70. Determine expected value of the dice game? Do you play the game, or take the money? Explain...

  • In the game of​ roulette, a player can place a $10 bet on the number 16...

    In the game of​ roulette, a player can place a $10 bet on the number 16 and have a 1/38 chance of probability chance of winning. If the metal balls lands on 16, the player gets to keep the $10 paid to play the game and the player is awarded an additional $350. Otherwise, the player is awarded nothing and the casino takes the takes the player's $10. What is the expected value of the game to the player? If...

  • I am going to play a game of chance, but I want to know if it...

    I am going to play a game of chance, but I want to know if it is worth my while. On average, if I played the game over and over, what amount would I expect to win (+$) or lose (-$) on average per game? That is the mean of the probability distribution that describes the game. It is also call the game's expected value. The formula for expected value is The game I'm playing costs $5 to play. The...

  • Consider a play of the casino game `Quick Draw'. In this game, a player pays $11...

    Consider a play of the casino game `Quick Draw'. In this game, a player pays $11 to play. The player picks one card from a standard pack of 52 cards (i.e. there are four A’s and four K’s in a standard pack of 52 cards). If the player gets an Ace, they win $50 but loose the amount they paid to play (the profit is revenue minus cost); if the player selects a King, they win $30 but loose the...

  • A street hustler offers you the following game: Each play you roll 2 dice. Each play...

    A street hustler offers you the following game: Each play you roll 2 dice. Each play costs $1 If you roll an even number you win that amount If you roll an odd number you lose that amount in addition to the $1. 1) Calculate the probabilities P(X 1+X 2-3) 2) write the reward function, rie), where s -X + X, in the following form r(e)-a 3) What is the expected reward? Should you take up the bet?

  • You play a game in which you roll a number n of dice. You win if...

    You play a game in which you roll a number n of dice. You win if you roll at least one 6, but no 1s or 2s; and, otherwise, you lose. What is the optimal number of dice to roll in this situation? Choose the best answer. A) 1 B) 2 C) 3 D) 4

  • You are on a TV show. You have been asked to either play a dice game...

    You are on a TV show. You have been asked to either play a dice game five times or accept a $50 bill. The dice game works like this: • If you roll a 1, 2, or 3, you win $45. • If you roll a 4 or 5, you lose $20. • If you roll a 6 you lose $70. Should you play the game? Use expected values and decision theory to justify your answer. Yes, you should play...

  • A game of chance involves rolling a 17-sided die once. If a number from 1 to...

    A game of chance involves rolling a 17-sided die once. If a number from 1 to 3 comes up, you win 2 dollars. If the number 4 or 5 comes up, you win 7 dollars. If any other number comes up, you lose. If it costs 4 dollars to play, what is your expected net winnings? Answer = _____ dollars. Please include work to help me better understand how to solve.

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT